Loan to meet social financial commitments

EligibilityIndividual, confirmed permanent employee of a reputed organisation or a professional or self-employed or businessperson with three years standing in the field of activity, can apply for the loan. For salaried person the take home pay is at least 40% of the gross salary after taking into account the installment for the present loan.

PurposeFor meeting social financial commitments such as marriage in the family, education of children, medical treatment etc. The loan can be availed for any financial commitment with in the ambit of law. Bank will not verify the purpose declared.

Maximum loanMaximum loan amount is Rs.10 lakh. The loan amount, however, depends on the value of the security offered and repaying capacity. For professionals, self-employed and business persons, the maximum loan is restricted to total annual income of previous year, as declared in the I.T. return or assessment order but not exceeding Rs.10 lakh.

Margin50% on immovable property; 25% on securities such as NSC, KVP,IVP,ULIP etc; 10% on Life policies (surrender value) of LIC of India and other private insurance companies.